The Rising Influence of Rising Affluence

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Pfizer cuts 2013 outlook for revenue, EPS

NEW YORK (MarketWatch) -- Pfizer Inc. (NYSE:PFE) said Tuesday its first-quarter profit rose 53% to $2.75 billion from $1.79 billion a year earlier. Earnings per share rose to 38 cents from 24 cents a year ago, while adjusted earnings fell to 54 cents a share versus 57 cents a share a year ago. Quarterly revenue fell 9% to $13.5 billion. Analysts polled by FactSet had expected earnings of 56 cents a share on revenue of $13.99 billion. The pharmaceutical company lowered 2013 guidance for earnings per share to $1.44 to $1.59 from a range of $1.50 to $1.65. Adjusted earnings per share was cut to between $2.14 and $2.24 from $2.20 to $2.30. Reported revenue was lowered to a range of $55.3 billion to $57.3 billion. The company said it revised its full-year outlook to reflect the initial public offering of Zoetis, its animal-health unit, and changes in foreign-exchange rates. Shares were down 3% in premarket trade.